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The part played by the leased line in railroad reorganizations prior to those of the present day seems to have be rather inconspicuous. In those earlier reorganizations, railroads, on the whole, were still in an era of expansion. While serious lease problems occasionally arose, they were generally capable of being solved without too much difficulty and without undue hardship to cither lessor or lessee. Today, however, the picture has been altered. Changes in transportation which have affected all railroads adversely have accentuated leased line problems. There are more problems than formerly and, in addition, they seem to be more serious. At the same time care must be taken not to overemphasize the difficulties, of leased lines. A majority of those whose lessees are undergoing reorganization have given rise to but few issues. Some, however, because of unusual circumstances in their particular instances, involve perplexing problems. It is this somewhat "pathological" type of case with which we are principally concerned in this brief survey of leased line problems.
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